They've bought up a lot of property around a golf course in East Atlanta, but there's not much you can do in East Atlanta. It's kind of a mess, mostly. It'll take a decade to turn around East Atlanta unless manufacturing can come back to the city or the drugs stop flowing.

People tend to look at this company using REIT metrics like FFO, but that's really not fair. It's a development company, and makes much of its money selling off properties it's developed. As of 12/31/06, they had $429M in projects under development, land held for investment, etc. None of that generates FFO, but it's still very valuable. If you treat it as a normal company rather than a REIT, it's trading at a P/E of 8.3.